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what are fictious assets? give some examples?
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Answer Posted / chinmay
fictitious assets are nothing but
expenses of heavy nature that cant
be treated as a revenue expense for
a reason that those expenses will
yield income for more than one
accounting period ( deferred ) and
ignoring that expense will be
against accounting hence it is shown
as assets and written off ( some
portions) each year just like
depreciation..
examples- heavy advertisement
expenses, preliminary
expenses,discount on issue of
shares, loss on redemption of
debentures, miscellaneous
expenditure...
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Raj & Raj Ltd purchased a machinery on 01.01.1996 for Rs.88,000.The life of the machine estimated to be 5 Yrs.It was calculated that the old machinery would fetch Rs.8000 at the end of its useful life.it was decided to replace the machinery at the end of the 5th year by setting up depreciation fund and invest the annual depreciation (along with interest earned each year) in gilt edged securities carrying interest at 5% p.a. At the end of the 5th Year the securities were sold for Rs.9000.As per the sinking fund table Rs.14,478 is to be invested every year.A new machine was purchased on 01.01.2001 for Rs.1,00,000.pass the journal entries and show the ledger accounts
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